A CNBC interview reveals that Warren Buffett’s not exactly sure what Obama’s “Buffett Rule” is, because nobody bothered to explain it to him. They just called and asked if they could use his name, and Buffett said okay.
The Sage of Omaha takes great pains not to disparage his good friend President Solyndra, but he can’t quite pull it off. “I don’t know what their plan would be,” he says. “My program would be on the very high incomes that are taxed very low.”
What kind of incomes is he talking about? The $250,000 income earners Barack Obama desperately wants to extract a “fair share” from?
No, Buffett envisions his Super Alternative Minimum Tax as working… well, kind of like the original Alternative Minimum Tax did, before it went berserk and started eating small businesses.
Specifically, he thinks the “Buffett Rule” should apply to perhaps fifty thousand people at most. He makes a point of excluding athletes and media figures who earn fifty million dollars a year as pikers who don’t make enough to run afoul of his alternative tax. Whatever you think of that idea, it does not orbit within the same solar system as Obama’s $1.5 trillion tax hikes on everyone prosperous enough to be untroubled by the Netflix price increase.
Asked about Obama’s insane tax-and-spend jobs bill, Buffett laughs nervously and says, “That’s another program that I won’t be discussing.”
So there you have it: another stunning triumph of political marketing and packaging from the Obama team, who assumed their favorite billionaire would be cool with any plan involving massive tax increases. When Warren Buffet says “super-rich,” he envisions people in his general income bracket… while his power-hungry socialist friends imagine lucrative tax raids on millions of small business owners, and lick their chops with uncontrollable anticipation.
Obama understands, as his old pal Warren Buffett apparently does not, that the agenda of the radical Left requires far more funding than they could obtain by squeezing a few extra bucks from a handful of billionaires who were “greedy” enough to legally take advantage of the deductions offered by our elaborate tax code.